1、USA|Aerospace&Defense ElectronicsEquity ResearchJuly 2,2025 SheilaKahyaoglu*|Equity Analyst+1(212)336-7216|GregKonrad,CFA*|Equity Analyst+1(212)284-2391|KyleWenclawiak*|Equity Associate+1(212)323-7671|ConorWalters*|Equity Associate+1(212)323-3395|Whats Up in the Skies:Global Flights Up 3%Y-o-Y,Now 1

2、%Below 2019 LevelsWhats Up in the Skies focuses on air traffic,capacity,and utilization.Keyfindings:1)For the week beginning July 6,global scheduled flights are up 3%y-o-y,now 1%below 2019 levels;on an ASM basis,capacity is up 4%y-o-y to9%above 2019 levels.2)All major region ASMs are MSD+2019 levels

3、,led byAfrica+14%,followed by the Middle East+12%.North America&Europe remainrelative laggards,up 9%and 8%,respectively,vs 2019 levels.Capturing 98%of Scheduled Flights.Diio covers 98%of global scheduled flights,or 38MMscheduled flights and 6.4TT ASMs in 2019.This equates to 3.2MM flights/month,on a

4、veragealmost 5x the breadth of our prior dataset.Notably,the data captures scheduled flights rather thanflown flights,so close-in cancelations where the flight was not removed from the official schedulewill not be captured.Whats Up in the Skies captured 777,027 flights in the week beginning 7/6,or 9

5、8%of the market,on our ests.We assess regional traffic as follows:Asia:243,043 Flights for the Week of July 6 vs 239,206 in the prior week.Asia continues toimprove from a scheduled flight perspective.Flights scheduled for the week of July 6 are up 2%y-o-y to 4%above 2019 levels.On a country-by-count

6、ry basis,India remains an outperformer,withflights+4%vs 2019 levels.Vietnam is also resilient,with flights+4%versus 2019 levels on an 11%y-o-y improvement.Myanmar and Indonesia continue to underperform,with flights down 62%and31%versus 2019,respectively.Chinas scheduled domestic flights are up 17%vs